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The Mask Mandates Are Ending — Now What?

NWCUA’s Compliance Team outlines what this change means for Northwest credit unions.

Compliance

NCUA Approves Proposed Rule on Federal Credit Union Succession Planning

Succession plans must identify key positions covered by the plan, related general competencies and skills, and strategies to fill vacancies.

Compliance

NWCUA Unveils New Disaster Preparedness Program RecoveryPro

Created in partnership with League InfoSight, the tool guides credit unions through the creation, maintenance, and testing of Business Continuity Plans.

NCUA Issues Guidance on Third-Party Providers of Digital Assets

This includes insight on due diligence; credit union policies, procedures, and agreements; and advertising.

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NCUA Releases 2022 Supervisory Priorities

Here’s a breakdown of Letter to Credit Unions 22-CU-02, sharing insight on this year’s exam program updates and supervisory focuses.

Compliance

Washington State DCU Issues Initiatives and Exam Focus for 2022

The DCU plans to return to onsite exam work in April using a hybrid approach.

Compliance

DCU Issues Guidance on Final Subordinated Debt Rule

The new bulletin covers the application and regulatory approval process as well as investor disclosure and reporting requirements.

Compliance

FFIEC Updates Bank Secrecy Act/Anti-Money Laundering Exam Manual

The four revised sections provide further transparency into the BSA/AML examination process.

Regulations & Rules Stamps

Regulators Sharpen Focus on Overdraft Practices

While regulatory interest in overdraft practices is a recent trend, credit unions should the continuing litigation surrounding these services top of mind.

NCUA Extends Federal Credit Unions’ Meeting Flexibility

Credit unions continue to need flexibility to ensure the safety of staff and members during the COVID-19 pandemic.

Compliance

FinCEN Releases Updated Ransomware Advisory

The updated advisory identifies new trends and typologies of ransomware and associated payments.

U.S. DOL Issues Emergency Temporary Standard for Large Employers to Implement COVID-19 Vaccination or Testing Policy

NWCUA’s Compliance team breaks down the new standard and provides insight on state-specific responses.

NCUA Adopts CAMEL “S” Rating System

Implementation of the revised CAMELS rating system will take place on the final rule’s effective date, which is April 1, 2022.

CFPB’s Annual Regulation Z Threshold Adjustments

The final rule revises the dollar amounts for the CARD Act, HOEPA, and Ability to Repay Qualified Mortgage provisions.

NCUA Risk Alert on Business Email Compromise through Exploitation of Cloud-Based Email Services

In addition, the RISK Alert provides tips for preventing wire transfer fraud and information on reporting and recovering funds from BEC fraud.

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NCUA Hosting Automated Cybersecurity Evaluation Toolbox Webinar on Oct. 28

The 60-minute webinar will feature a video presentation about the Toolbox followed by a question-and-answer session.

Compliance

Reassigned Numbers Database Goes Operational on Nov. 1

The RND prevents a consumer from getting unwanted calls intended for someone who previously held their phone number.

Guidance for End of Pandemic-Era Federal Homeowner Protection Programs

The NCUA strongly encourages credit unions to work with borrowers who are exiting the CARES Act forbearance period.